Odaily Planet Daily report: Digital infrastructure and fintech company Zeta Network Group (NASDAQ: ZNB) has announced it has entered into a securities purchase agreement with institutional investors to issue up to $10 million in 10% original issue discount senior convertible notes and warrants.
The initial closing of this offering involves a $6 million promissory note, expected to generate total proceeds of $5.4 million for the company, with the closing date scheduled for approximately March 12, 2024. This date also marks the effective date of the company’s previously announced 1:100 reverse stock split on Nasdaq. The promissory note bears no interest and is immediately convertible into Class A common stock upon issuance. Additionally, the second closing of the remaining portion is expected to occur no earlier than May 12, 2024. Zeta Network Group is currently focused on developing an institutional financial platform centered on Bitcoin, encompassing digital asset financial management, Bitcoin liquidity aggregation, and sustainable mining. (PR Newswire)